To help us direct you question to the best team to provide an answer please select which option best descibes you. Andrea Dunlop tells us her tips for safeguarding your business against the risk of excessive chargebacks not just at Christmas, but all year round.
For many experienced merchants, however, the exciting prospect of high sales volumes at this time of year is tempered by the knowledge that they may also be hit by chargebacks, which often spike during peak shopping periods.
These chargebacks can be genuine disputes, from account holders who are victims of payment fraud, or who are not happy with other aspects of the transaction. So how can merchants protect themselves from chargebacks this festive season?
And how can they mitigate the impact of disputes on their time and money? Here are four easy steps to help you ensure your business has the chargebacks infrastructure in place to make disputes as hassle-free as possible:.
Authenticate without adding friction. A key goal for many merchants is to make the checkout experience as quick and smooth as possible for consumers — the less friction in the payment process, the lower the risk of shopping cart abandonment and the higher the conversion rate. However, to achieve this friction-free, many merchants compromise on the payment verification process designed to ensure consumers have properly signed off on a purchase before it goes ahead.
Solutions like tokenisation are ideal for cutting down the payment process for repeat customers. As a result, customers can simply log in to their account, call up the card they want to use and just verify the payment with a password or CVC number — no need to input a long card number. Check your payment systems are at peak performance.
You can avoid these issues by working with your PSP to boost the capacity of your payment systems now, so you can handle hundreds or thousands of payments simultaneously without worrying about errors creeping in. They can also support you in stress-testing your payment software, and its links with issuers and acquirers, to make sure there is no risk of problems like double-payment. Optimise your fraud management systems.
In order for us to dispute this chargeback and potentially report the case to the authorities, we request that you provide us with the following:. If we are able to successfully dispute this charge back, you will be reimbursed appropriately.
Kind regards, Skrill Merchant Services ". I contacted customer who didn't know anything about chargeback request and confirmed me, that she got delivery with ordered good. I also contacted Diners custumer did payment with Diners card , but Diners told me to solve problem with Skrill. I sent to Skrill printscreen of order, URL of tracking number of package, signed certificate of delivery.
We would like to confirm that the information you have provided us with has been forwarded to our Department in charge, so that they would be able to handle your case respectively.
Thank you for your kind co-operation. Best regards, Skrill Merchant Services ". I feel cheated and robbed. Customer got goods for free, but I lost Kind regards,. Best regards,. Skrill Merchant Services ". Here is the latest reply of Skrill. They will be solving case for 6 months?! This is not fair and justice for sellers. Further to your inquiry, please note that a chargeback is the return of funds to a consumer, forcibly initiated by the consumer's issuing bank.
All payments are then processed through the eWallet transaction system, where customers can trust in the highest security standards. What are your key markets geographical segments? What are the largest sectors for Skrill by volume and value? Due to its history and the origins of the company, Skrill has always been strong in Western Europe. We also have seen strong traction in the Eastern European payment market which seems to be picking up in terms of internet distribution and eCommerce growth.
We are serving the long-tail of SMEs today, but integrations by the likes of eBay. In terms of business verticals, we are also seeing an incredible growth in the digital goods sector. Our integrations with the likes of Bigpoint, Gameforge, PerfectWorld and others are driving this new business for us. With the online payments sector continuing to grow, particularly the adoption of eWallets as users look for easier and safer options to enable their digital lifestyle, there is plenty for Skrill to capitalise on.
The current focus is clearly on maximising the operational potential of the business and looking for complementary opportunities that will add value to products.
Additionally, the company will continue to invest heavily in service operations, to ensure the existing high level of customer support continues. How does Moneybookers contribute to the development of the online payment industry and what challenges has the company faced in this respect until now?
The external commercial environment is expected to remain competitive in Skrill expects to continue to introduce new products within the e-wallet and online payments market with the introduction of new features, to its existing e-wallet technology and online payments network. In terms of our eWallet one of our biggest challenges is keeping up with fraudsters.
However, there is still a need to educate consumers on how to stay safe online and the protection using an eWallet provides. Continuing its theme of innovation, evolving to better meet the needs of customers, merchants and retail partners, Moneybookers recently rebranded to Skrill. Skrill remains committed to its existing strategy and vision and believes that the objectives currently being pursued will lead to improvements in the business performance and results over the medium term.
What other payment systems or products do you consider to be the main competition for Skrill? However, Skrill has its roots and focus in Europe and is used to serving an extremely diverse market with more local payment methods. Skrill also offers its customers chargeback protection even in riskier verticals or countries. In addition to offering numerous payment options, Skrill builds on its advantage through the end-customer relationship: the eWallet gives customers increased ease-of-use when paying a merchant and, in addition, it provides merchants with marketing opportunities to its customer base.
Skrill also manages the complete risk process where, for certain merchants, it takes on the complete chargeback risk. As the economic downturn gained momentum, the focus of the business has been to achieve the right balance between continuing to meet the needs and expectations of its customers, shareholders and other stakeholders while making sufficient profit to support its growth plans, by controlling its costs and managing cash efficiently.
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